Chinese production of precious metals increased last year

Last year was a productive year for gold and silver in China, where production of the valuable resources increased from the prior year's 6 percent and 8.3 percent, respectively, Bloomberg reports.

Gold's production grew to 615 metric tons and silver's climbed to 11,617 metric tons, according to China's National Bureau of Statistics. As the globe's largest producer of gold from mines, China produced 313 tons in 2009.

National Bureau of Statistics data indicates the output of gold in China totaled 67 tons in December, when the production of silver reached 1,051 tons.

Many challenges are associated with estimating recycled gold, according to Ronald Wang, greater China's general manager at the World Gold Council.

"There's an increasing amount of existing jewelry and other gold products that can be recycled, though the actual amount is difficult to estimate," the Beijing Antaike Information Development analyst told the news service.

Shortly after 9:30 a.m. on Thursday, gold had slipped 1.63 percent, a $22.30 decrease to $1,347.90 per troy ounce.

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This material is conveyed as a solicitation for entering into a derivatives transaction.

This material has been prepared by a Daniels Trading broker who provides research market commentary and trade recommendations as part of his or her solicitation for accounts and solicitation for trades; however, Daniels Trading does not maintain a research department as defined in CFTC Rule 1.71. Daniels Trading, its principals, brokers and employees may trade in derivatives for their own accounts or for the accounts of others. Due to various factors (such as risk tolerance, margin requirements, trading objectives, short term vs. long term strategies, technical vs. fundamental market analysis, and other factors) such trading may result in the initiation or liquidation of positions that are different from or contrary to the opinions and recommendations contained therein.

Past performance is not necessarily indicative of future performance. The risk of loss in trading futures contracts or commodity options can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results.

Trade recommendations and profit/loss calculations may not include commissions and fees. Please consult your broker for details based on your trading arrangement and commission setup.

You should carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. You should read the "risk disclosure" webpage accessed at www.DanielsTrading.com at the bottom of the homepage. Daniels Trading is not affiliated with nor does it endorse any third-party trading system, newsletter or other similar service. Daniels Trading does not guarantee or verify any performance claims made by such systems or service.